EXCLUSIVE: Supreme Ventures Limited acquires CTL

After weeks and months of speculation, RJR Sports has been reliably informed that gaming entity Supreme Ventures Limited (SVL) has been chosen as the preferred bidder for the acquisition of the island's sole horse racing promoting company Caymanas Track Limited (CTL).

Supreme Ventures Limited and Caymanas Racing and Entertainment Limited were announced in October of last year as the shorlisted entities to be evaluated for acquisition of the state-run company CTL.

The Development Bank of Jamaica (DBJ) and the Caymanas Track Limited Enterprise Team (CTLET) which are overseeing the privatisation process on behalf of the Ministry of Finance and Planning, had twice pushed back the process for the completion of evaluation of the two bids.

When RJR Sports contacted President and Chief Executive Officer of Supreme Ventures Limited, Brian George on Thursday, he acknowledged hearing talk that his company was chosen as the preferred bidder.

However, he said the company would not be in a position to make an official comment before a public announcement is made.

Our sources say the choice of preferred bidder has been forwarded to the Ministry of Finance and Planning which has responsibility for the local racing industry.

RJR Sports also caught up with CTL Chairman Chris Brown on Thursday and he denied hearing any official word on the chosen bidder but elaborated on the process.

“Once they have completed their deliberations, the recommendation will then have to be passed on to the revelevant minister whether it be Minister Phillips or Minister Dalley but I believe it’s Minister Dalley in the first instance. He will then carry it to the Cabinet because the decision will be a Cabinet decision and they will determine if they are in agreement with the Enterprise team,” said Brown.

According to RJR sources, SVL guaranteed JA $1.4 billion as operational funding while Caymanas Racing and Entertainment Limited is said to have guaranteed JA $700 million.

Sources close to Caymanas Racing and Entertainment Limited also told RJR Sports they had received unofficial information that SVL was chosen as the preferred bidder.